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Data (2) (Ways of ensuring good quality data from the proposal and claims…
Data (2)
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Reconciliation checks
Reconciling the total number of members/ policies and changes in membership/ policies using previous data and movement data
Reconciling the total benefit amounts and premiums and changes in them, using previous data and movement data
Where assets are held by a third party, reconciliation between the beneficial owner's and the custodian's records
Reconciling shareholdings at the start and end of the period, adjusted for sales and purchases, and bonus issues
Cross-checks
Checking movement data against accounting data, e.g. benefit payments
Checking membership data against accounting data, e.g. contributions
Checking asset data against accounting data, e.g. investment returns
Full deed audit, for example checking title deeds to large real property assets
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Reasonableness checks
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Checking for unusual values, impossible dates or missing records
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Risk classification
A tool for analysing a portfolio of prospective risks by their risk characteristics, such that each subgroup of risks represents a homogeneous body of risk. For example, prospective policyholders for life assurance can be classified as male/ female or as smoker/ non-smoker.
The main aim of risk classification is to split data into homogeneous groups so that (as a result of a reduction in heterogeneity) the experience of each group is more stable and the data can be more accurately used, for example to set premiums
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